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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Chesapeake, Virginia | ||
| Data | Chesapeake, VA | Nationwide |
|---|---|---|
| Population | 253.86 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -2.6621% | 0.5% |
| Median Household Income | $127,338 | $74,580 |
| Median Age | 37.09 | 38.9 |
| Residents per Business | 1 to 25 | 10 to 1 |
| Annual Household Expenditures | $7.82 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The automotive franchise industry appears promising in Chesapeake, VA. The data shows there are 189,581 total vehicles available and an average of 2.0 vehicles per household, suggesting a high degree of car dependency, which is consistent with 78.7% of the workforce driving to work alone. An automotive service franchise could capitalize on the needs of these vehicle owners for maintenance and repair services.
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The health and fitness industry also stands out as a potential growth area. The substantial average household net worth of $604,569 in 2023 indicates disposable income that could be directed toward personal well-being. This, combined with annual health care expenditures of $641.23 million, points to a community that values health and wellness, suggesting a market for gyms, fitness centers, or wellness-related franchises that could meet this demand.
Additionally, the food franchise industry could benefit from the city's growth and affluence. With food and beverage expenditures totaling $1.14 billion annually, there is a clear demand for dining and grocery options. A food franchise that offers convenience, such as fast-casual dining or specialty food stores, could be successful, especially considering the busy lifestyles indicated by the average travel time to work of 22.8 minutes, which might limit time for cooking at home.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Chesapeake, Virginia Franchise Opportunities (and Businesses for Sale)
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